The Cass Freight Index showed mixed signals in November 2025, with shipments up modestly MoM but still sharply lower YoY, reflecting ongoing freight market softness despite a short-term rebound.

• Cass Freight Index shipments rose +0.7% MoM (+2.7% SA) in November, reversing October’s -2.1% SA decline but remaining down -7.6% YoY, underscoring weak annual volume trends.

• On a 2-year stacked basis, shipments were down -8.2%, highlighting the cumulative contraction following declines in 2023 and 2024.

• The report noted that truckload volumes softened again in Q4 as pre-tariff inventory buildups were drawn down after a brief Q3 improvement.

• Cass Freight Index expenditures fell -0.2% MoM and were -1.2% YoY in November, reflecting fewer shipments offset by higher freight rates.

• In seasonally adjusted terms, expenditures rose +2.1% MoM, lagging the shipment gain, implying slightly softer rate momentum.

• Implied freight rates increased an estimated +6.8% YoY, driven largely by modal mix shifts toward truckload and away from LTL.

• The Truckload Linehaul Index edged up +0.1% MoM and +2.2% YoY, decelerating from October’s pace and pointing to modest but positive rate pressure late in the year.